Clean the morels under cold running water, as they can be very sandy. Dry them with cloth or paper towels and slice them into 1/4-inch rings, discarding the stems.
Heat 2 tablespoons olive oil and 1 tablespoon butter in a large skillet over medium-high. Add the morels, shallots, thyme, paprika, and sauté for about 1 minute; season with salt and white pepper.
Add the white wine and balsamic vinegar and reduce until almost evaporated.
Add the chicken broth and cook until reduced to 2 tablespoons, about 5 minutes.
Add the heavy cream and cook until thick, about 15 minutes. Taste for seasoning and adjust if desired. Set aside on a low heat until ready to use.
Lightly season the scallops on both sides with salt and generously with white pepper.
Put 1 tablespoon olive oil in a large skillet over medium-high heat. Sear the scallops for 3 minutes on the first side, adding the butter in pieces around the pan halfway through. Turn the scallops and cook on the second side for 1 minute.
Divide the sauce between 2 soup plates and place half the scallops on the sauce in the centre of each bowl. Garnish with parsley.